Tierney Company begins operations on April 1. Information from job cost sheets shows the following.JobNumber1011121314April$5,7004,7002,100Manufacturing Costs AssignedMay$5,8004,100 $4,0006,300June6,600MonthCompletedMayJuneAprilJune4,6003,800 Not completeJob 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% aboveits cost in the month following completion. a. What is the balance in Work in Process Inventory at the end of each month?b. What is the balance in Finished Goods Inventory at the end of each month?c. What is the gross profit for May, June, and July?

Name: Tierney Company begins operations on April 1. Information from job co
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Description: Tierney Company begins operations on April 1. Information from job cost sheets shows the following.JobNumber1011121314April$5,7004,7002,100Manufacturing Costs AssignedMay$5,8004,100 $4,0006,300June6,600MonthCompletedMayJuneAprilJune4,6003,800 Not co

Job costing system involves assigning costs to specific jobs. In this system, all the material,…

Business

Accounting

Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April May $5,700 $5,800 4,700 Manufacturing Costs Assigned 2,100 June 6,300 6,600 4,100 $4,000 Month Completed May June April 4,600 June 3,800 Not complete

Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April May $5,700 $5,800 4,700 Manufacturing Costs Assigned 2,100 June 6,300 6,600 4,100 $4,000 Month Completed May June April 4,600 June 3,800 Not complete

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
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company uses job order costing. At the beginning of February, two jobs were in process: Job 769 Job 772 Materials P4,000 P1,400 Direct Labor 2,000 600 Applied Factory Overhead 3,000 900 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started. Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of the month, has a total cost of P4,000.
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2500 $1200 February not sold AA4 $4838 January february AA5 $3250 February march AA3 $3409 $2319 april not sold Total $7338 $7859 $2319 Required: a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)? b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)? c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March? d) How does job costing in a service organization differ from job costing in a manufacturing organization?
How much is total cost of goods manufactured?
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Gadubhai
The jenny Company uses job order costing. At the beginning of the May, two jobs were in process: Job 369 Job372 Materials $ 2,000 $ 700 Direct labor 1,000 300 Applied factory overhead 1,500 450 There was no inventory of finished goods on May1. During the month, Jobs 373, 374, 375, 376, 378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. How much is total cost of goods manufactured?
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Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in March: Work in Process Line Item Description Amount Balance, March 1 $9,950 Direct materials 80,890 Direct labor 87,260 Factory overhead 45,870 Jobs finished during March are summarized as follows: Line Item Description Amount Job 459 $40,310 Job 510 24,640 Job 512 47,030 Job 523 82,870 Question Content Area a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Question Content Area b. Determine the cost of the unfinished jobs at March 31. fill in the blank 1 of 1$